It is often the case that in quite a number of cases, many will often mistake accounting and bookkeeping services to be one and the same thing. Such confusion can be understood as it is the case that the one, the bookkeeping services, happen to be such a core part of the other, the accounting processes.
In a nutshell, bookkeeping can be generally understood to be the act of keeping the books of accounts of the company, the day to day process of keeping the full and exact, up to date records of the financial transactions of the company. In actual sense, you will realize that the particular financial transactions made by a company happen to be so varied and several as such the records will be as detailed to capture all aspects such as the sales, the purchases, the incomes and the receipts and payments made by the entity on any particular day in business.
Traditionally, the bookkeeping functions of a business are often handled by the company’s bookkeeper. Going by the facts so seen as far as the part to be played by a bookkeeper are, keeping such accurate and comprehensive records of the business’ financial records and transactions, it is a fact that they, the bookkeepers, happen to be one of the most vital business assets an organization can get to have. It is actually the bookkeepers’ responsibility to ensure that the company’s entire financial records are kept on track, seeing to it that all the details pertinent to the day to day operations ins o far as finances are concerned, the cash inflows and outflows as well are all well taken down and recorded in the proper books of account. These particular records are often captured in a number of the business records such as the customer’s ledger, the supplier’s ledger and the general ledger and after then they will be brought to the trial balance stage in the accounting process for them to be used by the accountant to prepare the company’s financial statement and balance sheet at the end of each trading period as is set by the business.
A bookkeeper’s responsibility will often be so varied from one company to the other all based on the size of the business and the way that they will have their tasks and responsibilities shared amongst their employees. With this background in mind and looking at just how sensitive the task and responsibility of the bookkeepers go, you need to ensure that you have indeed found the most competent and qualified, organized as well personnel to handle your business’ bookkeeping needs. This is actually one of the most valid reasons why it will be so wise a step to have outsourced accounting and bookkeeping services for your business as it saves you so much time and allows you focus on the other professional aspects of your business.